Ex-Central Planner Sees Error of Central Planning — Too Late
Good review of Alan Greenspan’s new book by international economist, Richard Rahn. It almost makes me want to read the book… almost. Main point is that after he has given up the levers of power, Greenspan has seen that central planning is much more failure prone than he believe it was when he was a central planner. That’s good. But I’m waiting for the central planners who give up the ‘fatal conceit’ while they’re still in a position to do something about their new-found humility.
Herbert Hoover, George McGovern, Middle-aged Keynes, David Stockman…. Guys who saw the failure of their ability to successfully micromanage the economy once the lure and temptation of power was no longer an option for them. What we need are leaders who learn from the failures of others, not leaders who repeat those failures enough times to finally get wisdom.